The Colorado Rockies are worth $1 billion, according to Forbes’ annual baseball teams values list released Tuesday.
Colorado’s value was up 16 percent from 2016, when the team was valued at $860 million by the publication. The Rockies also jumped up three spots from No. 26 to No. 23 among Major League Baseball teams.
Despite crossing into the $1 billion realm, the Rockies are still well below the league average of $1.54 billion — a 19 percent increase from the $1.3 billion in 2015.
Forbes credits the league-wide increase to “new local television deals that are increasing at roughly a two-fold rate, surging profitability, and the escalating value of Major League Baseball Advanced Media, the Internet and technology arm of MLB.